Regulation 16 Interpretation: Part IV

In this Part of these Regulations—

• “first calculation” and “second calculation” have the meaning given in regulation 18(1) to (3) below;

• “implicit items” has the meaning given by regulation 23(5) below and “implicit item” shall be construed accordingly;

• “required margin of solvency” means a margin of solvency required by section 32 of the Act;

• “zillmerising” means the method known by that name for modifying the net premium reserve method of valuing a long term policy by increasing the part of the future premiums for which credit is taken so as to allow for initial expenses.